MONERO - THE BASICS

May 02,2018 at 12:02 am

Monero was created as a grassroots movement with no pre-mine and no VC Funding, and launched in April 2014 as a fork of Bytecoin. A fork occurs when an original cryptocurrency is split into two to create another version, which is made possible due to the open source formats prevalent in most cryptocurrency designs. Most forks are formed to address flaws of the parent currency and to create better alternatives.

Monero (XMR) is a cryptocurrency which focuses on being untraceable and private. Its design differs from Bitcoin’s in a few key ways, but it should be understood as a cryptocurrency similar to Bitcoin – it can be used to buy and sell things, and can be exchanged for other coins or tokens.

Monero manages to privilege the details of transactions in such a way that only the actors in the transactions can accurately verify their sending and receipt, while publicly this information is difficult to trace. This is not the case with Bitcoin and other cryptocurrencies, and therefore the difference in the privacy of transacting on the two chains should be understood as the primary value offering of Monero.

Monero supports a mining process where individuals get rewarded for their activities by joining mining pools, or they can mine moneros individually. Monero mining can be performed on a standard computer, and does not need any specific hardware such as the application-specific integrated circuits (ASICs).

Monero does not have a maximum supply (whereas, for instance, Bitcoin has a maximum supply of 21 million and Litecoin has one of 84 million). Instead it has a dis-inflationary emission rate, where after roughly 18.4 million XMR have been generated through mining, a stable inflation rate of .3 XMR per minute will go into effect. This will take place near the end of May, 2022. The reason for the continued emission and lack of maximum supply is to incentivize, in an ongoing way, the proof-of-work security of the Monero blockchain.

Thus, the design differences of Monero can be summarized as following;

It continues rewarding miners securing the blockchain long after the regular supply target is achieved, meaning a continued increase in supply into the future.

It is very difficult to trace and therefore more private.

Its increased privacy has given it utility on darknet markets.

As a cryptocurrency, Monero’s main application lies is in its privacy features.

To miss out on Monero miner's rewards is to not consider the features and future opportunity the blockchain presents. Below is the current ROI which is determined and liable to change, by the market price value of the coin.

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